2 3 5 8 20 21 22 23 26 28 30 67 82

Jacobus Petrus (Koos) Bekker Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Iain Ferguson Bruce Ian Charles Stone Charles St Leger Searle Ian Charles Stone Jacobus Petrus (Koos) Bekker Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 518057 1 29 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 17 1712-1716 www.tencent.com 700 2

67,686 45,828 48% 39,045 27,872 40% 27,727 19,408 43% 20,148 14,326 41% 19,920 14,197 40% 21,351 15,177 41% 2.128 1.528 39% 2.102 1.512 39% 2.280 1.634 40% 2.253 1.616 39% 3

35,691 23,429 52% 31,995 12% 20,456 14,438 42% 18,589 10% 14,329 10,036 43% 13,398 7% 10,880 7,396 47% 9,268 17% 10,737 7,314 47% 9,183 17% 11,319 7,975 42% 10,032 13% 1.146 0.787 46% 0.981 17% 1.133 0.778 46% 0.970 17% 1.208 0.858 41% 1.072 13% 1.194 0.849 41% 1.059 13% 4

47% 40% 107.37199.20 1.146 2.128 1.133 2.102 42% 41% 113.19213.51 1.208 2.280 1.194 2.253 QQ CMC CMC Supercell Supercell QQ 5

QQ 899.0 843.4 6.6% 877.1 2.5% QQ 666.5 627.0 6.3% 658.0 1.3% QQ 246.9 233.0 6.0% 259.5-4.9% WeChat 805.7 600.0 34.3% 762.4 5.7% QQ 651.5 659.2-1.2% 647.9 0.6% QQ 595.8 573.5 3.9% 587.8 1.4% 105.1 84.3 24.7% 108.4-3.0% QQ6% 6.67 QQ QQ NOWQQ QQ 4% 5.96 WeChat 8.0634% 2 6

96 1 114% 80% NBANBA QQ 1 7

35,691 23,429 (15,235) (8,991) 20,456 14,438 626 598 911 612 (2,365) (1,601) (5,299) (4,011) 14,329 10,036 (377) (341) (292) (452) 13,660 9,243 (2,780) (1,847) 10,880 7,396 10,737 7,314 143 82 10,880 7,396 11,319 7,975 8

52% 356.91 25,680 72% 18,428 79% 6,532 18% 4,073 17% 3,479 10% 928 4% 35,691 100% 23,429 100% 39% 256.80 32% 171.24 57% 85.56 60% 65.32 80% 36.97 41%28.35 275% 34.79 9

69% 152.35 38% 43% 8,550 33% 6,221 34% 3,575 55% 1,961 48% 3,110 89% 809 87% 15,235 8,991 37% 85.50 82% 35.75 284% 31.10 10

9.11 48% 23.65 7% 32% 52.99 17% 15% 11% 3.77 51% 27.80 47% 107.37 42% 113.19 11

35,691 31,995 (15,235) (13,406) 20,456 18,589 626 703 911 506 (2,365) (2,032) (5,299) (4,368) 14,329 13,398 (377) (491) (292) (1,089) 13,660 11,818 (2,780) (2,550) 10,880 9,268 10,737 9,183 143 85 10,880 9,268 11,319 10,032 12

12% 356.91 3% 256.80 171.24 9% 85.56 39% 65.32 46% 36.97 31% 28.35 14% 152.35 42% 43% 85.50 35% 35.75 16% 23.65 21% 52.99 17% 107.37 13% 113.19 13

EBITDA (a) 29,910 20,203 15,581 14,329 10,258 EBITDA (a) 31,405 21,405 16,401 15,004 10,899 EBITDA(b) 46% 47% 46% 47% 47% 971 728 494 477 399 (c) 24,037 21,663 24,037 27,429 21,663 (d) 5,610 4,173 1,505 4,105 2,841 (a) EBITDAEBITDA EBITDA (b) EBITDAEBITDA (c) (d) 14

EBITDA EBITDA 27,727 19,408 14,329 13,398 10,036 (1,329) (1,119) (626) (703) (598) (1,417) (1,023) (911) (506) (612) 1,776 1,552 907 869 770 3,153 1,385 1,882 1,271 662 EBITDA 29,910 20,203 15,581 14,329 10,258 1,495 1,202 820 675 641 EBITDA 31,405 21,405 16,401 15,004 10,899 15

(a) (b) (c) (d) 27,727 1,495 74 (3,718) 96 2,497 28,171 20,148 1,880 74 (4,037) 684 2,881 21,630 19,920 1,852 74 (4,033) 665 2,873 21,351 2.128 2.280 2.102 2.253 41% 42% 30% 32% (a) (b) (c) (d) 19,408 1,202 50 (2,326) 106 1,275 19,715 14,326 1,364 50 (2,238) 598 1,285 15,385 14,197 1,323 48 (2,238) 578 1,269 15,177 1.528 1.634 1.512 1.616 42% 43% 31% 34% 16

(a) (b) (c) (d) 14,329 820 42 (2,990) 49 2,437 14,687 10,880 1,014 42 (3,251) 328 2,483 11,496 10,737 995 42 (3,247) 317 2,475 11,319 1.146 1.208 1.133 1.194 40% 41% 30% 32% (a) (b) (c) (d) 13,398 675 32 (728) 47 60 13,484 9,268 866 32 (786) 356 398 10,134 9,183 857 32 (786) 348 398 10,032 0.981 1.072 0.970 1.059 42% 42% 29% 32% 17

(a) (b) (c) (d) 10,036 641 18 (1,487) 56 1,052 10,316 7,396 720 18 (1,399) 300 1,057 8,092 7,314 699 17 (1,399) 287 1,057 7,975 0.787 0.858 0.778 0.849 43% 44% 32% 35% (a) (b) (c) (d) 18

64,206 56,607 44,808 42,752 109,014 99,359 (43,110) (31,175) (41,867) (40,755) 24,037 27,429 240.37 800 423.49 97.48 119.33 21.85 19

21 66 3434 2410 34 20

25,680 18,428 50,644 37,054 6,532 4,073 11,233 6,797 3,479 928 5,809 1,977 35,691 23,429 67,686 45,828 8 (15,235) (8,991) (28,641) (17,956) 20,456 14,438 39,045 27,872 626 598 1,329 1,119 7 911 612 1,417 1,023 8 (2,365) (1,601) (4,397) (2,927) 8 (5,299) (4,011) (9,667) (7,679) 14,329 10,036 27,727 19,408 9 (377) (341) (868) (774) (292) (452) (1,381) (762) 13,660 9,243 25,478 17,872 10 (2,780) (1,847) (5,330) (3,546) 10,880 7,396 20,148 14,326 10,737 7,314 19,920 14,197 143 82 228 129 10,880 7,396 20,148 14,326 11 1.146 0.787 2.128 1.528 11 1.133 0.778 2.102 1.512 3066 21

10,880 7,396 20,148 14,326 277 (168) 285 (98) 4,979 4,805 3,326 6,569 79 (10) 79 (10) 1,308 (367) 1,094 (180) (182) (321) (66) (328) 6,395 4,260 4,135 6,281 17,275 11,656 24,283 20,607 17,116 11,594 24,036 20,492 159 62 247 115 17,275 11,656 24,283 20,607 3066 22

13 11,469 9,973 13 4,066 4,248 13 710 292 13 4,066 2,293 13 14,190 13,439 14 64,092 60,171 14 8,203 6,230 573 544 15 54,827 44,339 17 7,049 5,480 26 4,739 757 9,034 3,674 183,018 151,440 216 222 16 8,810 7,061 17 11,908 11,397 18 1,537 1,198 35,774 37,331 22 125,490 54,731 64,206 43,438 247,941 155,378 430,959 306,818 23

19 14,619 12,167 (2,425) (1,817) 12,884 9,673 116,192 100,012 141,270 120,035 2,851 2,065 144,121 122,100 24 33,030 12,922 25 34,585 37,092 23 3,936 3,626 26 3,920 3,668 2,365 3,004 77,836 60,312 24

21 21,168 15,700 22 138,759 70,199 24 10,080 11,429 25 7,282 3,886 3,555 1,608 384 462 27,774 21,122 209,002 124,406 286,838 184,718 430,959 306,818 3066 25

12,167 (1,817) 9,673 100,012 120,035 2,065 122,100 19,920 19,920 228 20,148 285 285 285 3,326 3,326 3,326 79 79 79 1,075 1,075 19 1,094 (649) (649) (649) 4,116 19,920 24,036 247 24,283 233 233 126 126 126 120 120 120 1,163 181 1,344 27 1,371 (792) (792) (792) (184) 184 730 730 730 24 (24) 12 (3,716) (3,716) (523) (4,239) 1,227 (1,448) (221) 178 (43) (2) (2) 109 109 125 234 (501) (501) 501 2,452 (608) (905) (3,740) (2,801) 539 (2,262) 14,619 (2,425) 12,884 116,192 141,270 2,851 144,121 26

5,131 (1,309) 2,129 74,062 80,013 2,111 82,124 14,197 14,197 129 14,326 (98) (98) (98) 6,569 6,569 6,569 (10) (10) (10) (166) (166) (14) (180) 6,295 14,197 20,492 115 20,607 54 54 96 81 177 12 189 88 88 88 856 128 984 29 1,013 (112) (112) (112) (16) 16 5 (5) (2,640) (2,640) (151) (2,791) 247 247 26 26 (52) (26) 26 26 (231) (231) 231 (1,195) (1,195) (1,195) 1,024 (96) (1,186) (2,645) (2,903) 396 (2,507) 6,155 (1,405) 7,238 85,614 97,602 2,622 100,224 30 66 27

34,978 20,077 (6,129) (2,782) 28,849 17,295 (113) (1,340) 216 (51) (3,357) (2,316) 34 (3,869) (6,610) (1,645) (1,388) (33) (498) (3,688) (1,744) 2 (1,506) (1,128) (6,804) (2,812) 193 752 32 48 1,468 21,253 26,109 (25,056) (31,428) 1,078 1,077 139 273 (21,692) (21,020) 28

1,226 (977) 26,218 304 (7,225) (1,564) (494) 12,194 120 88 (792) (112) 242 54 (149) (3,716) (2,640) (523) (151) 12,704 9,399 19,861 5,674 43,438 42,713 907 (116) 64,206 48,271 38,640 15,448 25,566 32,823 64,206 48,271 30 66 29

1 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 2 34 3 30

4 5 (a) 5,227 346 (3,712) (53) (3,575) 1,515 (3,282) 3,169 286 (2,186) (37) (3,509) 983 (3,260) 31

5 (a) 1.17 1.03 0.58 0.469 (b) EBITDA EBITDA EBITDA 43,110 24,351 41,867 40,978 84,977 65,329 EBITDA 55,805 45,805 EBITDA 1.52 1.43 EBITDA 32

5 (c) 18,057 26 36,744 54,827 417 1,120 1,537 (329) (329) 9,435 7,419 27,485 44,339 736 462 1,198 (588) (588) 33

5 (c) 34

5 (c) 27,947 6,276 5,128 5,458 4,465 4,009 (371) 695 (15) 37,864 15,728 35

6 36

6 25,680 6,532 3,479 35,691 17,130 2,957 369 20,456 450 49 121 620 387 1,384 1,771 (39) (18) (235) (292) 18,428 4,073 928 23,429 12,207 2,112 119 14,438 491 42 9 542 116 446 562 (60) 27 (419) (452) 37

6 50,644 11,233 5,809 67,686 33,504 5,009 532 39,045 897 96 229 1,222 876 2,056 2,932 (335) (4) (1,042) (1,381) 37,054 6,797 1,977 45,828 24,379 3,174 319 27,872 990 85 19 1,094 215 965 1,180 (128) 19 (653) (762) 844.01777.04 199.89 168.97 10% 38

7 (a) (2,437) (1,052) (2,497) (1,275) (b) 2,327 1,487 3,060 2,326 663 658 154 56 286 65 33 173 51 214 (350) (250) 171 (52) 209 (57) 911 612 1,417 1,023 (a) 17.41 5.31 18.016.06 6.90 5.21 (b) 15.7919.26 14(a)) 7.4811.34 39

8 (a) 5,426 4,544 10,205 8,602 4,945 3,582 10,220 7,255 1,869 1,333 3,572 2,509 1,961 955 3,548 1,944 1,701 1,080 3,117 1,944 (b)13 1,882 662 3,153 1,385 (a)13 903 769 1,771 1,549 275 223 518 436 176 131 341 270 (a) 2,116 1,643 3,976 3,288 209 175 405 346 421 254 698 465 2,746 2,072 5,079 4,099 (b) 40

9 494 399 971 728 (117) (58) (103) 46 377 341 868 774 24 25 10 (a) (i) (ii) 16.5% (iii) 25% 15% 41

10 (a) (iii) 50% (iv) 12.5% 36% (v) 10% 10% 5% 2,902 1,885 5,262 3,670 26 (122) (38) 68 (124) 2,780 1,847 5,330 3,546 42

10 (a) 25% 13,660 9,243 25,478 17,872 292 452 1,381 762 13,952 9,695 26,859 18,634 25% 3,488 2,424 6,715 4,659 (1,357) (621) (2,203) (1,391) (136) (139) (246) (215) (2) (5) (2) (11) 257 107 429 288 400 400 221 21 328 156 (91) 60 (91) 60 2,780 1,847 5,330 3,546 43

10 (b) 6-17% 5% 3% 7% 5% 11 (a) 10,737 7,314 19,920 14,197 9,369 9,292 9,363 9,289 1.146 0.787 2.128 1.528 (b) 44

11 (b) 10,737 7,314 19,920 14,197 9,369 9,292 9,363 9,289 111 103 112 102 9,480 9,395 9,475 9,391 1.133 0.778 2.102 1.512 12 0.47 0.36 37.16 26.40 45

13 9,973 4,248 292 2,293 13,439 2,129 1,355 1,818 3,875 1,114 (1,537) 423 (25) (47) (1,771) (5) (45) (3,153) (2) (8) 51 84 11,469 4,066 710 4,066 14,190 7,918 3,830 268 751 9,304 6 1,200 1,253 1,117 1,548 1,401 942 (942) (25) (40) (1,549) (3) (13) (1,385) (174) (17) (21) 8,528 4,005 265 2,286 10,285 2 8 46

14 (a) 35,926 36,040 28,166 24,131 64,092 60,171 (b) 8,203 6,230 72,295 66,401 (a) 60,171 51,131 (i) 3,971 6,185 7(b) 1,926 1,278 (1,385) (767) 285 (102) (87) (55) (211) (3,560) (ii) (1,678) (606) 1,100 (58) 64,092 53,446 47

14 (a) (i) 39.71 (ii) 16.786.06 337.36 312.0720% (b) 19.70 1.23 48

14 (c) 15 18,057 9,435 36,601 34,879 169 25 54,827 44,339 49

15 44,339 13,277 (a) (b) 7,212 6,846 (c) 3,063 6,796 (d) (690) (521) 903 (28) 54,827 26,370 (a) 3.3021.55 (b) 50.57 (c) 30.63 67.96 (d) 6.905.21 50

16 0 30 4,066 3,616 31 60 2,557 2,209 61 90 1,215 798 90 972 438 8,810 7,061 90 30 12060 51

17 2,834 857 1,158 2,242 559 357 1,054 999 1,444 1,025 7,049 5,480 2,388 2,252 3,976 3,275 786 2,507 1,643 1,392 561 254 179 167 2,375 1,550 11,908 11,397 18,957 16,877 0.28% 8.00% 0.28% 10.00% 52

18 19 50,000,000,000 0.00002 9,408,830,004 9,403,923,992 9,403,923,992 9,370,678,830 4,906,012 6,773,550 9,408,830,004 9,377,452,380 20 (a) I II III I II III 53

20 (a) (i) II III 80.59 25,697,305 31.70 5,000,000 30,697,305 158.10 10,425,000 10,425,000 26.62 (2,406,012) 31.70 (2,500,000) (4,906,012) 26.08 (48,800) (48,800) 108.53 33,667,493 31.70 2,500,000 36,167,493 75.13 10,620,554 10,620,554 57.36 36,432,000 31.70 5,000,000 41,432,000 149.80 525,000 525,000 16.48 (6,773,550) (6,773,550) 25.14 (212,500) (212,500) 68.45 29,970,950 31.70 5,000,000 34,970,950 48.82 8,998,615 31.70 1,250,000 10,248,615 3,750,000 4,906,012 6,773,550 19 160.71134.98 141.76 111.97 54

20 (a) (ii) 18.06 957,500 2,851,000 II 26.0849.76 7,694,617 8,094,967 112.30158.10 25,015,376 14,751,338 33,667,493 25,697,305 III 31.70 2,500,000 5,000,000 36,167,493 30,697,305 55

20 (a) (iii) Black-Scholes Enhanced FAS 123 56.55 47.27 43.59 34.52 158.10 149.80 1.08% 0.36%-0.97% 0.33% 0.36% 35.00% 41.00% 56

20 (b) 91,786,907 25,984,856 (1,773,912) (24,714,206) 91,283,645 82,035,522 10,088,130 (2,289,714) (4,556,637) 85,277,301 50,000 75,000 57

20 (b) 147.62 124.46 149.59 118.43 (c) (d) 58

20 (e) 85% 97%85% 97% 21 0 30 12,480 10,019 31 60 1,604 1,774 61 90 2,009 1,518 90 5,075 2,389 21,168 15,700 59

22 124,727 54,108 6,381 7,719 833 1,459 1,659 1,628 721 966 588 386 386 357 351 411 314 3,284 2,680 138,759 70,199 23 2,580 2,361 395 487 961 778 3,936 3,626 60

24 (a) 33,030 12,922 (b) 9,947 10,715 (a) 133 714 10,080 11,429 43,110 24,351 (a) 50.01 21LIBOR 0.91% 1.51%LIBOR 1.02% 1.52% 1 133 714 1 2 464 6,623 2 5 32,566 6,299 33,163 13,636 (b) 15 16.50LIBOR 0.70% 0.80%LIBOR 0.75% 0.85% 1.125% 61

25 31,010 33,583 3,575 3,509 34,585 37,092 7,282 3,886 41,867 40,978 58 58 42 422.00% 4.70%2.00% 4.70% 1 7,282 3,886 1 2 3,965 3,236 2 5 24,046 27,421 5 6,574 6,435 41,867 40,978 433.28413.72 62

26 757 (3,668) (2,911) 10 442 (510) (68) 1,483 263 1,746 2,057 2,057 (5) (5) 4,739 (3,920) 819 322 (2,942) (2,620) 10 299 (175) 124 326 326 (227) (227) 2 2 (1) (1) 621 (3,017) (2,396) 27 63

28 (a) 2,253 2,239 72 631 2,339 2,249 4,664 5,119 Supercell OySupercell30 (b) 347 428 749 827 1,164 1,198 2,260 2,453 64

28 (c) 2,661 2,090 5,629 3,363 2,153 540 10,443 5,993 29 1417 20 30 Supercell Supercell84.3% 78 50% 40 65

31 China Music CorporationCMC CMC CMCCMC CMCCMC 61.6% 66

(a)xv 7 8 XV (b)352 (c) (A) 1 829,507,500 8.82% * 45,618,000 2 0.48% * 36,300 3 0.0004% Iain Ferguson Bruce * 490,000 4 0.005% Ian Charles Stone * 165,000 0.005% + 300,000 465,000 5 1. Advance Data Services Limited 2. 34,368,000ll IIl 11,250,000 3. 50 36,250 67

4. 417,500 72,500 5. 392,500 72,500 * + (B) 35,285,705 54.29% 5,971,427 54.29% 68

I II IIII II III II III 20 11,250,000 5,000,000 2,500,000 2,500,000 31.70 4 1 5,000,000 5,000,000 114.52 2 3,750,000 5 3,750,000 158.10 3 10,000,000 3,750,000 2,500,000 11,250,000 69

1. 25% 25% 2. 20% 20% 3. 25% 25% 4. 157.3 5. 157.9 6. 70

9 182,300 182,300 18.06 1 664,950 397,450 267,500 18.06 2 2,003,750 1,313,750 690,000 18.06 3 1,250,000 1,250,000 29.32 3 25,000 25,000 31.70 2 366,667 366,667 31.70 4 137,250 71,750 65,500 26.08 1 1,800,500 150,750 48,800 1,600,950 26.08 2 1,557,500 1,557,500 26.08 3 12,500 12,500 30.14 2 876,250 77,500 798,750 38.88 3 250,000 250,000 38.88 4 128,800 19,800 109,000 37.80 1 828,000 6,250 821,750 37.80 2 100,000 100,000 37.80 3 762,500 25,500 737,000 49.76 1 2,562,500 2,562,500 114.52 5 3,850,000 125,000 3,725,000 114.52 1 62,500 62,500 112.30 5 1,724,813 35,962 1,688,851 124.30 6 80,650 80,650 116.40 7 525,000 525,000 149.80 6 945,875 945,875 148.90 6 6,675,000 6,675,000 158.10 6 8 20,697,305 6,675,000 2,406,012 48,800 24,917,493 71

1. 20% 20% 2. 20% 20% 3. 20% 20% 4. 33.33% 33.33% 5. 33.33% 33.33% 6. 25% 25% 7. 25% 25% 8. 157.9 9. 163.06 72

I I2% 178,776,160 1%89,388,080 II (i)ii (ii) II 3%278,937,260 1%92,979,085 73

25,984,856 50,000 20 74

181,250 Iain Ferguson Bruce 20,000 20,000 40,000 10,000 30,000 30,000 7,500 22,500 20,000 20,000 90,000 20,000 37,500 72,500 Ian Charles Stone 15,000 15,000 40,000 10,000 30,000 30,000 7,500 22,500 20,000 20,000 85,000 20,000 32,500 72,500 20,000 5,000 15,000 15,000 3,750 11,250 10,000 10,000 35,000 10,000 8,750 36,250 210,000 50,000 78,750 181,250 75

44 Advance Data Services LimitedXV 2 3 6,177,600 43 JD.com, Inc. 1,000,000 Jacobus Petrus (Koos) Bekker 63 KoosM-Net/ MultiChoice MTNKoosMIH Naspers Vosloo Koos 76

Charles St Leger Searle 52Searle Naspers Internet Listed Assets Naspers Mail.ru Group LimitedNaspersSearle University of Cape TownSearle Searle Searle 59 TCL TCL TCL Legrand 650,000 Iain Ferguson Bruce 75Bruce Bruce Bruce Bruce Bruce Bruce Bruce1,000,000 77

Ian Charles Stone 65Stone CSL Stone StoneStone StoneStone 800,000 60 700,000 78

XV 2 3 336 5% MIH TC 1 3,151,201,900 33.49% Advance Data Services Limited 2 829,507,500 8.82% JPMorgan Chase & Co. 225,584,827 92,887,270 36,857 341,268,247 3(i) 659,777,201 7.01% 3(ii) 60,939,711 0.65% 79

1. MIH TCNaspers LimitedMIH (Mauritius) Limited MIH Ming He Holdings Limited MIH Holdings Proprietary LimitedXVNaspers Limited MIH (Mauritius) Limited MIH Ming He Holdings Limited MIH Holdings Proprietary Limited3,151,201,900 2. Advance Data Services Limited 3. (i) 22,881,8184,456,142 1,952,85013,742,416 2,730,410 341,268,247 (ii) 21,403,8725,397,971 4,488,6102,467,667 9,049,624 336 80

31,55728,072 102.05 86.02 A.2.1 A.4.2 81

I II I II ` CMC China Music Corporation EBITDA 82

MIH TC MIH TC Holdings Limited NBA I II III 83

571 Supercell Supercell Oy 84